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PTAD recovers N16bn pension funds from insurance firms

By on October 9, 2017

The Pension Transitional Arrangement Directorate (PTAD) has recovered N16 billion legacy pension funds from different insurance companies.

Speaking at the weekend during a stakeholders’ forum to mark her one year in office, Executive Secretary of PTAD, Barrister Sharon Ikeazor, said the bulk of the recoveries came from NICON Insurance.

Ikeazor said N13bn was recovered from NICON Insurance in assets which are being evaluated by the Federal Ministry of Power, Works and Housing to determine the actual worth of the assets.

She said if the assets were not up to the value, PTAD would return to NICON Insurance for the full value.

The PTAD boss said the directorate planned to recover additional assets and funds currently being held by insurance underwriters and the application of same to reduce pensioners’ complaints.

She also addressed the issue of 33 per cent pension increase arrears that had been a major challenge for pensioners.

“All sectors, except the police, have been paid at least 12 months arrears. Note that the paramilitary have been paid 100 per cent of their arrears,” she said, adding that plans were being made to clear the liability.

She advocated for the prioritisation of pension payment as first line charge even before salaries were paid.

[Daily Trust]